Egypt and Russia sign 50-year industrial zone agreement

Russian Foreign Minister Sergei Lavrov (R) and Egypt's Foreign Minister Sameh Shoukry shake hands during a press conference after their a meeting in Moscow on May 14, 2018. (AFP)
Updated 24 May 2018
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Egypt and Russia sign 50-year industrial zone agreement

CAIRO: Egypt and Russia signed a 50-year agreement on Wednesday to build a sprawling industrial zone that Egypt hopes will attract up to $7 billion in investments.
The 5.25 million square meter (57 million square foot) industrial zone will be located east of Port Said in the new Suez Canal Economic Zone, a mega project launched by President Abdel Fattah El-Sisi.
The plan aims to create an international hub for manufacturers with easy access for exporting goods to African and European markets.
The construction of the first phase of the Russian industrial zone is expected to cost around $190 million, according to a statement from Egypt’s trade ministry announcing the signing of the agreement.
The statement said the new industrial zone could attract up to $7 billion in investments, but did not say how the figure was calculated.
Total trade between Egypt and Russia in 2017 amounted to $6.7 billion, state news agency MENA reported in February, with Cairo’s exports to Moscow reaching $505 million.
Egypt is on a drive to lure back investors who fled following the 2011 uprising with a slew of economic reforms and incentives the government hopes will draw fresh capital and kickstart growth.


Saudi Arabia vows full support for struggling Lebanon

Updated 25 min 49 sec ago
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Saudi Arabia vows full support for struggling Lebanon

  • "We are interested to see stability in Lebanon and we will support Lebanon all the way," Saudi Arabia’s finance minister said
  • Lebanon has one of the world's highest levels of public debt compared to GDP and stagnant growth

DUBAI: Saudi Arabia has said it will provide “full assistance” to Lebanon, as the country continues to face a sluggish economy, Saudi Arabia’s finance minister said.

"We are interested to see stability in Lebanon and we will support Lebanon all the way," Mohammed Al-Jadaan told American broadcaster CNBC at the World Economic Forum (WEF) in Davos.

"We are also determined to making sure that we play our role as a catalyst of stability in the region," he added.

Al-Jadaan’s statement comes after Qatar announced its plans to buy $500 million worth of sovereign bonds to boost Beirut's bond market.

Lebanon has one of the world's highest levels of public debt compared to GDP and stagnant growth.